AMSC has announced that its Share Purchase Agreement with the shareholders of The Switch Engineering Oy (The Switch) dated March 12, 2011, as amended on June 29, 2011, has been terminated due to adverse market conditions for a financing required to fund the acquisition.
Per the terms of the amended Agreement, The Switch shareholders will retain the € 14.2 million (US$ 20.6 million) advance payment that was made by AMSC on June 29, 2011 as the break-up fee. The break-up fee will be recorded as an expense in AMSC’s second fiscal quarter, which ended on September 30, 2011.
Per the terms of the amended Agreement, The Switch shareholders will retain the € 14.2 million (US$ 20.6 million) advance payment that was made by AMSC on June 29, 2011 as the break-up fee. The break-up fee will be recorded as an expense in AMSC’s second fiscal quarter, which ended on September 30, 2011.
